What Is Going to Happen with the House in a Divorce?

By
Hopper Law Firm, PLLC
|September 18, 2013

Property division is one of the complex and stressful aspects of a
divorce. It can be a time consuming process to merely assess which property is
separate and which is marital. Probably the most consuming asset of all,
emotionally and financially, is the house. If you are looking at a divorce
and are worried about your financial future, your biggest concern may
be who ends up with the house. Not only does this represent a huge investment,
but the house probably is of great emotional value as well.

When it comes to deciding what happens to the house in a divorce, you usually
have three options to choose from. First off, if keeping the house is
something that neither of you want, then you could put the house up for
sale. This would be an option if you want to move on or you are unable
to afford it. While a sale could pose a hassle, especially if you have
children who will have to move, it can be beneficial to have liquid assets
and a more affordable place to live, one that is not full of memories.

If only one of you wants to keep the house, then a buyout could be the
way to go. This would mean that you would pay in cash, or promise to do
so, for the other spouse to relinquish any claim on the house. If you
both want to keep the house, however, then you may want to consider co-owning
the house. This could be a temporary arrangement, or it could be for the
foreseeable future. You will need to create an agreement, and it cannot
be vague. Essentially, you two would be entering into a business relationship
as property owners. This can be tricky to pull off, but plenty of couples
are up to the challenge.

If you have concerns about
property division in a divorce, or you need help pursuing one of the above options, consult
a Raleigh divorce attorney from Hopper, Hopper & Mulligan, PLLC, PLLC. Get an experienced
legal advocate on your side for the things that matter to you most.
Call us today!

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